Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects Gives details about the firm's sales, costs, and profits for the past accounting period Details changes in the capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings Provides a quantitative summary of a company's assets,L liabilities, and net worth at a specific point in time Gives details about the company's cash at the beginning of the year and what is left at the end of the year, including some details about where cash was generated and where it was used during the course of the year Annual report Accountants focus on creating financial statements, whereas finance professionals use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement you would refer to when answering the questions in the following table: Income Statement Statement of Retained Earnings How profitable has the firm been? How much of the firm's earnings are left as balance after the firm pays out dividends to its shareholders? True or False: As long as the information reported follows the generally accepted accounting principles (GAAP) guidelines, accountants in a firm have the liberty to use personal judgment to report transactions in the firm's financial statements. True O False